Real Estate with Trenton Pittner
Warmer weather is finally here and our real estate inventory in Airdrie is growing by the day. As I’ve said before, real estate is similar to a roller coaster; there are ups and downs! Demand in our market has remained fairly robust relative to longer-term averages but significant increases in inventory levels have been the story for the first quarter of 2018. Airdrie has seen only a total of 264 residential sales in the first quarter of this year.
The most recent repetitive question I’ve been asked by clients, family and friends is, “How do we make our home stand out over the competition?” I believe you have to do your very best to have your home in immaculate condition, making each private viewing count, and listen to the advice your local real estate experts give you on a pricing and marketing strategy.
Recently I’ve noticed that properties priced correctly and presented like “showhomes” are still selling in a timely manner. This might go to show you that going the extra mile with touch ups when getting your place ready to hit the market pays off!
Historically it is very typical for inventory levels to climb in the spring market but this April we’ve seen unchartered waters with an increasing inventory level in all sectors. As of April 30, 2018, the city of Airdrie had 610 active properties for sale including single family, attached homes and condos.
Unfortunately, the apartment sector is struggling the most in our current market, with only 11 total sales in the first quarter of 2018. Prospective buyers out there: let someone else shovel your snow and cut your grass. Use the abundance of inventory to your advantage and scoop up an exemplary apartment.
Interest rates for prospective buyers are still very attractive. An April 25, 2018, update on interest rates provides a five-year fixed best rate of 3.24 per cent and a five-year adjustable of 2.36 per cent, which is still quite appealing for the Airdrie home buyer or investor.
Any sign of continued recovery in the energy sector could result in a faster rebound in housing demand, as homebuyers may start to realize what great deals are on the current market. In addition, the weather plays a role, with getting buyers out and actively looking to invest in the local market. So I say bring on the sunshine!
My advice is simple: if you’re a seller, be patient for the right buyer to come along. All good things come in due time. If you’re a buyer, take advantage of these low rates and ample inventory levels to obtain an optimal real estate investment.
Trenton Pittner is a real estate professional with Legacy Real Estate Services.